HydrogenPro ASA

Investor Presentation • Mar 20, 2023

Pure Performance Pure Efficiency Pure Power

Company presentation

20 March 2023

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Agenda

• I. HydrogenPro in brief
• II. Market outlook
• III. Strategy
• IV. Financials
• V. Summary
• VI. Appendix

I. HydrogenPro in brief

High-performance green hydrogen electrolysers for large-scale applications

Global provider of large-scale green hydrogen technology & systems

Our current footprint – building a global brand

HydrogenPro at a glance

• Founded 2013 by core team with several years of experience from electrolyser industry from Norsk Hydro
• HydrogenPro is an OEM for high pressure alkaline electrolyser and supplies large scale green hydrogen technology & services, ISO 9001, ISO 45001 and ISO 14001 certified
• Experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry
• Listed on Oslo Stock Exchange under the ticker "Hypro" with a MCAP of NOK 1.5bn

Manufacturing facilities and offices

Founded in 2013 with >10x growth since IPO in October 2020

1) Original Equipment Manufacturer; 2) As of 7 February 2023; 3) First day of trading 3 October 2022

Active sales pipeline of 18.5 GW well-diversified across geograhies and use cases

Pipeline by use case (MW)

Fertilizer/Ammonia Shipping

SAF Refinery/Decarbonization Power-To-Gas Steel Production

HydrogenPro to establish manufacturing capacity in Texas, US

WHAT

• Establishing new manufacturing capacity in Texas, US with an initial capacity of 500 MW (stage 1) with potential to scale up capacity to several gigawatts

WHY

• The US has become market leader on green hydrogen following the IRA, and thus become HydrogenPro's top priority
• Serving the US market as the only viable large-scale high-pressure alkaline technology provider
• Contracts and active sales pipeline > 5 GW

HOW

• After an extensive strategic review Texas is chosen as state of location based on several criteria (access to site and skilled workers, infrastructure, ease of sourcing raw materials, proximity to end-users and incentive programmes)
• Build-up of US organization ongoing

Est. capex up to \$50M for 500 MW facility in Texas, US

Capital investment for 500 MW brownfield manufacturing site (\$M)

10 Source: Market research. Note 1: land and building to be leased. Note 2: potential federal and state incentives not included.

Exclusive supplier to ACES¹ project: the world's largest green hydrogen energy hub

• 220 MW electrolysis plant
• HydrogenPro has also signed a 10-year service and support agreement
• The Advanced Clean Energy Storage Hub will use renewable energy sources
• HydrogenPro will complete the manufacturing of the electrolyser systems in H2 2023, followed by on-site work with completion in late 2024

FEED study near completion at DG Fuels project in Louisiana - Final Investment Decision (FID) expected in 2023

• HydrogenPro is chosen as the supplier for high-pressure alkaline electrolysers for DG Fuels' plant in Louisiana
• HydrogenPro's contract with DG Fuels is worth >USD 500 million, excluding life cycle services
• DG Fuels has sold out 100% of the expected initial production at the Louisiana plant in the US >\$50m

II. Market update

Substantial demand for industrial green hydrogen generation ahead of us

Three major market trends: size matters!

Demand focus on large-scale solutions; average size 10MW a few years ago, now several hundred MW per project

Larger end-users with higher likelihood of reaching FID

Green hydrogen outperforms other hydrogen sources/colours

HydrogenPro strategically positioned to benefit from the major market trends

Increased momentum for green hydrogen in the US

US Congress passed the Inflation Reduction Act (IRA) August 12, 2022

Wind/solar/hydro power is a pre-requisite to maximise tax credit

High-pressure alkaline or PEM electrolysis

IRA boosts US demand for clean hydrogen¹

Low carbon hydrogen² final energy demand by end use (million metric tons per year)

Tax incentives and clean H² demand makes HydrogenPro's high-pressure alkaline electrolysers attractive for US market

1) Data from global management consulting firm 15 2) Green, blue, and pink hydrogen

Significant investment required in manufacturing capacity to meet future green hydrogen demand

Green hydrogen growth in IEA Net Zero Scenario MT H² per year

III. Strategy

Becoming #1 provider of large-scale green hydrogen technology & systems

Four strategic pillars to become #1 provider of large-scale green hydrogen technology & systems

• The initial test of the world's largest high-pressure alkaline electrolyser at the Herøya Industrial Park located in Porsgrunn, Norway is completed
• Our single 5.5 MW electrolyser has been validated to produce 1,100 Nm3/h hydrogen at normal current density. This equals 100 kg of pure green pressurized hydrogen per hour, which sets a new standard for the industry
• The test provides proof-of-concept that our electrolyser and gas separator technologies will produce hydrogen on a large scale
• Further testing to optimise electrolyser efficiency on-going

Herøya Industrial Park, Porsgrunn

HydrogenPro takes the lead role in the technology revolution Technology Leader

Technology Leader

HydrogenPro's 3 rd Gen electrode technology increases efficiency and reduces OPEX

14% OPEX savings of 3rd Gen technology equals saving of > 50% of capital cost @ USD 20/MWh electricity price Technology

Leader

Pillars of HydrogenPro's global fabrication strategy:

• Develop organisational flexibility to serve each individual region
  • HydrogenPro, JVs, licensing, other partnership models
• Dynamic, flexible supply chain and logistics
  • Develop local supply chains, secure service and aftersales, reduce cost from shipping, tolls and fees, and secure national political support
• Establishing manufacturing capacity in Texas, US
• Currently preparing expansion of footprint in Europe and MENA

A scalable and flexible business model combined with a scalable and modular product offering Scalability

Life cycle model increases recurring revenues Life-cycle partner

Significant potential Remote and digital services for additional aftersales revenues

Rapid response support

Product optimisation

Predictive modelling

IV. Financials

Financial roadmap to scale up globally and generate industry-leading returns

Q4 2022 financials

UNAUDITED FIGURES

• Q4 2022 results impacted by R&D expenses (through increased COGS), organisational build-up to deliver on purchase orders and COVID-19 measures in China
• Change in backlog is mainly impacted by negative FX fluctuations of NOK 76 mill. and recognised revenues of NOK 26 mill.

1) Excl. non-cash impact of incentive program

Q4 2022 financials (cont.)

UNAUDITED FIGURES

• Build-up of inventory of NOK 34 mill during the quarter for manufacturing on awarded purchase orders

2023 financials outlook

• Gradual step-up in revenue recognition as manufacturing activity ramps up to full capacity
• Re-iterating guidance: HydrogenPro to recognise ~90% of the ACES contract revenues (>\$50M) by the end of 2023 - with a positive margin impact
• Working capital need to deliver on purchase orders in H1 2023, but adequate cash position at current activity level

Well positioned to scale up and generate industry-leading returns

Lean and cost competitive set-up

• Cost leadership through highly competitive global manufacturing cost
• Standardized product offering enabling cost savings through larger deliveries and continued improvement
• Lean administrative set-up
• Administrative, commercial and technical resources in close proximity to major endusers

Focused capital deployment plan

• Global manufacturing & assembly capacity
• Technology and innovation front-runner
• Scale-up of the organisation
• Working capital on large-scale projects

V. Summary

State-of-the-art technology with a proven track record & strong growth drivers

Executive summary

Proof-of-concept for world's largest electrolyser

Backlog of NOK 747 million & active sales pipeline of 18.5 GW as of YE 2022

Establishing manufacturing capacity in Texas, US. Global electrolysis capacity target of >5 GW p.a. within five years.

Guidance: Recognise ~90% of the ACES¹ contract revenues by the end of 2023 - with a positive margin impact

Offtake agreements on entire volume for DG Fuels' SAF plant in Louisiana secured

Pure Performance Pure Efficiency Pure Power

VI. Appendix

Record-high number of hydrogen orders being placed

Recently announced hydrogen projects and contracts Estimated required electrolyser capacity November 2021 • Size: 100 MW • Production of 90k tonnes of green ammonia per year at chemical company Egyptian Basic Industries Corporation's existing ammonia plant in Egypt October 2022 • Size: 290 MW (Phase I) • Production of 90 tonnes per day of liquid hydrogen for the heavy transport sector • Part of Woodside's H2OK project with a total capacity of 550 MW Sustainable aviation fuel • Major order from Delta Airline and DG Fuels for at least 839 MW electrolyser capacity for production of sustainable aviation fuel in the US January 2023 • Size: 120 MW • Green hydrogen for industrial applications, transportation and heat • Germany's largest-ever order for green hydrogen production May 2022 • Size: 1 GW • Green hydrogen fuel for fuelcell heavy duty trucks in Denmark • First ever gigawatt-scale electrolyser order September 2022 • Size: 500 MW (Phase I) • Production of 500k tonnes per year of green hydrogen to be combined with nitrogen to produce green ammonia • Part of First Ammonia's total 5 GW electrolyser target

Global roll-out and scaling plans for manufacturing capacity crucial in short-to-medium term

Executive management and Board of Directors

Executive management Board of Directors

Martin Thanem Holtet CFO

Erik Chr. Bolstad CCO

Ellen Hanetho Chair

Jarle Tautra Board member

Karoline Aafos CPO

Richard Espeseth Head of BD and Technology

Tormod Kløve Chief Legal Officer

Donna Rennemo Board member

Jarle Dragvik Board member

Vivian Espeseth Board member

Shareholders as of 16 March 2023

Shareholder	Number of shares	% of shares
Richard Espeseth	11,424,125	19.69
TM Holding AS	9,635,182	16.60
Clearstream Banking S.A.	7,886,879	13.59
Mistubishi Heavy Industries Ltd	5,381,165	9.27
Espeseth Vivian Yanjin Chen	3,173,571	5.47
Ctibank Europe Plc	1,600,000	2.76
Nordnet Bank AB	1,580,968	2.72
Avanza Bank AB	1,523,939	2.63
Enern Invest AS	1,408,433	2.43
Danielsen Tor	1,313,872	2.26
Others	13,100,037	22.58
Total	58,028,171	100.00

Main components in a hydrogen factory

Illustration of electrolyser system for green hydrogen production

3 rd Gen product technology and plant improvements

HydrogenPro's R&D focus areas

www.hydrogen-pro.com